I just wanted to add a couple of things to look for in the...

I just wanted to add a couple of things to look for in the future.

At the AGMs last November, we were told that separate chairpersons are being sought for CER and CNP and that a couple of the directors had announced their intentions to resign. We also saw the appointment of Avin Lieberman to the CER board, which was a great move.

In the coming months (hopefully weeks) we should expect to see some movement on this front - an appointment of a new chairperson and new independent directors. Until the stabilisation was announced in Jan, most directors of any quality will want to have avoided association with the Centro name. This will now start to change and on the call this morning, the company told us that the search is under way.

I sense that Paul Cooper will stay on as one of chairpersons but he will obviously have to decide which entity to remain with. My money is on him staying with CNP, but this is not based on anything concrete.

On another point, during the last 12 months the directors and senior managers have all been in a blackout period because of the sensitivities around refinancing and stabilisation. This has prevented them buying or selling any shares, although one has to think that they probably wouldn't have wanted to do so for the majority of the period anyway. In recent weeks, post stabilisation announcement, they would also have been in blackout because of the half-year results.

With stabilisation out of the way, once the CNP results are out tomorrow I would say that we are getting close to the blackout being lifted for a few months. The caveat on this could be the depth of involvement directors are having in the litigation mediation, although this is still a way off.

It wouldn't surprise me if we saw some directors purchase stock in the short to medium term.

The remaining directors (and new directors) will want to be seen to be eating the own cooking and to be showing some faith in the future of the company. They also know that there is no better way to restore some (however small) confidence to the investor base than to buy some shares. At these prices they wouldn't have to spend too much of their hard-earned fees to buy a tidy sum either.